I don’t know about you, but I am always looking for ways to cut back on my expenses. However, making purchases in order to save sounds like an oxymoron to me. Spending money to save money? Is that even possible?
The answer is yes. There are a few purchases that I have made that have helped me cut back on my expenses. While making these purchases initially caused me to question whether or not it was really worth it, in the long run these purchases have saved me hundreds (if not thousands) of dollars.
Here are my top 8 money saving purchases.
Brita Filter
Before this purchase, I would spend around $20 per month on bottled water. The Brita filter costs around $11 and the cost for one replacement filter is $7. Each filter lasts the equivalent of 300 bottles of water. For me, this is the equivalent of almost half a year of water, which equates to a first year savings of over $200.
Coffee Maker
Most people desperately need their caffeine fix each morning. Going to your local coffee shop can cost $3 per visit. This equates to $15 per week, around $60 per month, and close to $800 per year. A decent coffee maker can cost around $50. A pound of coffee runs around $10 and makes about 32 cups of coffee. That’s $.31 per cup! If you want to factor in the coffee maker cost in those 32 cups, each cup of coffee you make costs around $1.88. So, for the first 32 cups of coffee you make at home instead of going to the coffee shop, you save about $36. After that, you save about $700 per year.
Sandwich Maker
Ok, so this is probably an item you won’t find on many great buy lists, but I LOVE my panini maker. I am a huge fan of sandwiches and used to be a frequent Subway customer, but since acquiring my panini maker, Subway doesn’t get a dime of my money. I used to spend $5 each trip to Subway. You can get a decent panini maker for about $70 (the cost of 14 trips to Subway). You can get enough cheese, bread, turkey, mayo, or whatever else you like on your sandwich to make at least 6 sandwiches for about the price of two trips to subway. So let’s say you go to Subway once a week. This equates to 52 Subway trips each year. It takes 14 trips to pay off your panini maker, so right around what would have been your 15th trip, you start putting money back in your pocket. After the initial cost of the panini maker, you save about $230 per year.
Toaster Oven
If you like to cook, chances are you use your oven daily. Heating your oven to 350 degrees and running it for an hour each day costs around $90 per year. A toaster oven run just as frequently costs $65 per year. Yes, this is a $25 savings each year which may not seem like very much, but every little bit helps, especially when you consider that a decent toaster oven costs around $50 and an oven costs hundreds of dollars.
Blender
Like many people, I love smoothies. I think Jamba Juice is awesome. Sadly, $4 a drink isn’t so awesome. The quick fix? A blender! A decent blender runs around $40, the equivalent of 10 trips to Jamba Juice. And you can get the ingredients for 5 smoothies for the price of two Jamba Juice ones. So, say you go to Jamba Juice once a week. After your 11th week of not going, you have started putting money back into your pocket. Your yearly savings after recovering the cost of the blender? $124 in savings each year.
DVD Player
I love movies. The price associated with going out to watch one in the theaters? Not a fan. You can get a cheap DVD player for the price of going to the movies three times. And you can about three movies for the price of going to the theater to see one. So let’s say you go to the movies every other week. By buying a DVD player and renting movies instead, you can save around $139 each year.
Laptop
Better yet, skip the DVD player and go buy a laptop. Laptops do it all, from playing DVDs to letting you watch your favorite shows online to keeping you in contact with everyone from your friends and family to your boss. Laptops eliminate the need for cable or satellite services and for buying an expensive TV to watch those cable or satellite shows that you love. You can get a decent laptop for around $700. This is about the cost of one year of movie outings, a nice TV, and whatever you are paying for your cable or satellite service. Yes, it takes a year to see that you are recouping your loses on this one, however if you factor in the fact that your laptop keeps you connected to everyone important to you and you can use it for work related things (i.e. projects or searching for a new job), this is a fantastic money saving purchase.
Bicycle
This is another purchase you won’t see on many good buy lists. However, dropping $300 on a bike can be one of the best money saving purchases you can make. If you live close to where you work, you can completely eliminate your need for a car and all the expenses associated with it (i.e. gas, maintenance, etc.). Not to mention you get plenty of exercise, eliminating your need for a gym membership. The savings from this purchase can be HUGE, if you factor in the price of a car (because let’s face it, you won’t need one if you can use a bike), you can save at least $11,000.
While some of these purchases may seem a little unorthodox, all of them are great purchases to make if you are trying to save money in the long run.
Do you have any money saving purchases you made that aren’t on this list? Share them in the comment section!
